Financial situation satisfactory, however …

02/12/2000 - 30/12/2000

José Maria EPALZA and Ole NIELSEN presented in detail the financial situation which was deemed to be “satisfactory” by the auditors and was certified to be accurate and above board. However this good news comes at a cost.

The fixed exchange rate has resulted in a 13% decrease in IRB financial assistance which accounts for 75% of the overall budget (subscriptions 12% and sponsorship from Société Générale and Justin Bridou). Total revenue is down by 0.80%. The €323 000 positive balance has been achieved by applying a 2% decrease to union grants and introducing a 28% saving on running costs. This amounts to a 7% overall saving on costs compared with last year. The €160,000 revenue from non-incorporated investment funds (SICAV) over the past 15 years also played a positive role. As IRB funding is to remain unchanged at 1.7 million euro, FIRA-AER will need to invest €100,000 from its own funds next season. The Fédération Française de Rugby will also provide up to €30,000 for premises and staff.